At January 1, 2021, Bridgewater Inc. reported the following information on its statement of financial...
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At January 1, 2021, Bridgewater Inc. reported the following information on its statement of financial position: Accounts receivable $510,000 Allowance for doubtful accounts 42,000 During 2021, the company had the following summary transactions for receivables: 1. Sales on account, $1,800,000; cost of goods sold, $1,044,000; return rate, 6% 2. Selling price of goods returned, $82,000; cost of goods returned to inventory, $48,000 3. Collections of accounts receivable, $1,600,000 4. Write offs of accounts receivable deemed uncollectible, $51,000 5. Collection of accounts previously written off as uncollectible, $12,000 6. After considering all of the above transactions, total estimated uncollectible accounts, $31,000 What is the ending balance of Accounts Receivable? $577,000 $1,600,000
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